China - PMI

Paul Cavey

Mar 31, 2022 • 3 min read

East Asia Today

Korea Q2 GDP beat market expectations, with the highlight for me being the strength of real GDI and nominal GDP. Strong growth in Taiwan also continues, with both industrial production and retail sales rising in June, and M2 growth accelerating above 8% YoY.

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Korea – nominal growth nears 20%

Korea's real GDP growth in Q1 was solid, but nominal continues to be spectacular, rising almost 20% YoY for the first time in 30 years. Stronger nominal growth is typical of a commodity boom, and suggests more upside for rates than implied by inflation and real GDP alone.

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East Asia Today

In Japan, June export data and Q1 household incomes. Korea's Q3 loan officer survey was mixed, while PPI inflation was strong. Taiwan's labour market remains tight, with the unemployment rate anchored at 20-year lows.